3 TIPS FOR AVOIDING PENALTY FOR NON FILING OF INCOME TAX RETURNS ON TIME

How many have of us have considered Income tax returns filing as a burden and a secondary and do not keep it on our to-do list? Here are the HOW TO AVOID PENALTY BY FILINGS INCOME TAX RETURNS WITHIN THE DUE DATE (ITR)

Shockingly more than 30% of the taxpayers do not consider it as an important compliance obligation

The government of India has been very strong and active with regards to tracking and monitoring of black money and income tax, they have started using big data to identify tax evaders and non-filers

Due Dates for Filing Income Tax Returns

The following are important not to miss due dates for filing Income Tax returns

1. For Salaried Employees and NRI’s
   1. The due date for filing income tax returns is 31st July
2. For Business Persons / Individuals
   1. Small Business Covered under presumptive taxation under 44AD i.e small business and with turnover less than 2 crores other than in profession shall file income tax returns within 31st July

2. Small professional service providers Covered under presumptive taxation under                 44ADA i.e small business and with turnover less than 50 Lakhs other than in                       profession shall file it within 31st July

1.  For Partnership Firms / LLP
   1. Small Business Covered under presumptive taxation under 44AD i.e small business and with turnover less than 2 crores other than in profession shall file income tax returns within 31st July
2.  For Companies and Partnership
   1. Companies the due date for Filing of income tax returns is 30th September
   2. For Partnership above turnover of 2 Crores or how to declare profit less than 8% of turnover the due date is 30th September

The penalty for Late Filing Income Tax Return ( Introduced form current year)

Taxpayers who do not file their income tax return on due dates mentioned are liable to pay late fees in form of penalty

The penalty for late filing income tax return is now as follows:

• Penalty if taxable income is less than Rs.5 lakhs – Rs.1000
• Late Filing between 1st August and 31st December – Rs.5000
• Late Filing After 31st December – Rs.10,000

Do not miss the income tax deadline file on time and avoid penalties

For assistance on Income tax return filings contact us on 044-48560333/ + 91 9962287333 or email us on support@virtualauditor.in